Restaurant Brands International Inc

QSR: XTSE (CAN)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Restaurant Brands International Earnings: Largely as Expected; Shares Slightly Cheap

Sean Dunlop

Feb 12, 2025

Narrow-moat Restaurant Brands International reported fourth-quarter results in line with our expectations. We plan to raise our CAD 102/USD 73 fair value estimates by mid- and low-single-digit rates, respectively, to reflect time value and currency movement since our last update. The shares trade slightly cheap, making RBI one of our top picks in an industry with few undervalued opportunities. For investors with stronger stomachs and a desire for more upside, we recommend narrow-moat Papa John's, which trades 35%-40% below our USD 67 fair value estimate amid its turnaround.

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Restaurant Brands International Inc

Restaurant Brands International Earnings: Largely as Expected; Shares Slightly Cheap

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